The San Francisco real estate market ended the year with median sales prices for single-family homes up 3.2% and condo/loft/TICs down 6.9%. These year-over-year figures are very similar to last month.
The length of time it takes to sell a single-family home remains extremely short at just 14 days. Condos/lofts/TICs are up slightly from last month to 39 days.
Inventory has risen for both property types year-over-year but has dropped from last month at 3 months for single-family homes and 6 months for condo/loft/TICs. 6 months of inventory is often regarded as a balanced market where buyers and sellers have equal leverage in the market and similar negotiating power. The absorption of inventory is largely due to strong buyer activity.
Like many parts of the country, sales were very strong for both property types, up 28.7% for single-family homes and 29.1% for condo/loft/TICs since last year this time. We head into the New Year at a high level of activity.
Our boots on the ground feedback shows that the market is hot and filled with optimism. It may be a very good time to make a move. One thing that we have all learned in 2020 is that the future is incredibly difficult to predict!